Cantor Fitzgerald Reiterates Overweight Rating on Lam Research (April 30)

Cantor Fitzgerald analyst C.J.

Muse reiterated an Overweight rating and $320.00 price target on Lam Research (NASDAQ: LRCX).

“We had the pleasure of hosting investor meetings with Doug Bettinger (CFO), Sesha Varadarajan (COO), and Ram Ganesh (IR).

Overall, management’s key focus was on the strong end-market outlook led by AI, the company’s growing SAM and share expected today and in the years ahead, today’s current very tight supply environment driving lead times for Equipment higher, and how this backdrop is starting to drive structural changes in partnership with customers, desire for bleedingedge tools, and customers engaging sooner as it relates to lead times/tool slotting.

As for our biggest takeaway – it is the fact that Lam will be the top outperforming large cap Semi Equipment company by revenue for both CY25 and CY26 in a relatively subdued NAND environment.

When you take into account NAND should soon begin to accelerate in a multi-year time horizon (given prioritization of clean room to DRAM), it is easy to see Lam outperforming into CY27 and beyond.

We continue to point to stretch goal earnings power of $10 in CY27 (cons. $8.90), $12 in CY28 (cons.

N/A), and $15 into CY29 (cons N/A), which supports our $320 PT (with CY29 support greater upside over time).

Thus, no change to our view – we reiterate our Overweight rating and Lam Research remains a TOP PICK.”

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